Nigeria: Govt Increases Petrol Price to N151.56

Fuel pump.
2 September 2020

The Federal Government has again increased the pump price of petrol to N151.56 per litre, up from N148, the third increase in three months.

A statement by the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, NNPC on Wednesday informed the depots owners of the increase.

But the Independent Petroleum Marketers Association of Nigeria (IPMAN) said it was yet to get the official directive from government on the new price.

In the statement signed by PPMC Lead Sales- Ibadan Depot D.O Abalaka, the agency said : "Please be informed that a new product price adjustment has been effected on our payment platform".

"To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre."

He added that "This takes effect from September 2, 2020."

However, Chinedu Okoronkwo, the IPMAN president said their members were yet to get the directive.

He said what the PPMC did was to inform the depots owners of the new price and the marketers would get the clearer picture about the new price on or before Thursday.

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